Two Chinese Banks Invest $1.902bn in Nigeria

• Two Chinese Banks Invest $1.902bn in Nigeria

Export-Import Bank of China and the China Development Bank have invested $1.902 billion into railway and deep seaport projects in Nigeria.

Mr Liu Junsheng, the Commercial Consul, Consulate General of the People’s Republic of China in Lagos, Mr Liu Junsheng, disclosed this on Tuesday during a press briefing on China’s second Belt and Road Forum for International Cooperation in Beijing China.

According to Junsheng, the Export-Import Bank of China invested $1.267 billion of concessional loans for the Lagos-Ibadan Railway Project as well as the extension to Lagos Port Complex at Apapa.

He explained that the “Nigerian Railway Modernisation Project Addendum No.2 Lagos-Ibadan section was signed with a contract sum of $1.488 billion, and Addendum No.2A for the extension to the Lagos port complex at Apapa with a contract sum of $94.07 million, totalling $1.581 billion.”

He said, “The Export-Import Bank of China provided $1.267 billion of the concessional loans accounting for 80.14 per cent of the total contract sum of Addendum No.2 and 2A; and the Nigerian Federal Government provides counterpart funds of $314 million, accounting for 19.86 per cent.”

Junsheng recalled that the construction of the railway project by CCECC commenced in May 2017, adding that works commenced simultaneously in different sections of the project with over 10,000 foreign and local employees and over 1,600 sets of equipment.

He said, “As of the time of this report, over 80 per cent of the foundation works and over 100 kilometres of double-track laying have been completed. Further, track laying to Ibadan is progressing at a rate of 2km per day. The project is planned to be completed in May 2020.”